Alibaba tackles Monday Blues with a new ‘coffee’.
Alibaba Group Holding Ltd on Monday said they will restructure its international and domestic e-commerce business with the appointment of a new chief financial officer (CFO).
The changes were made following the challenges Alibaba faced in various aspects such as increased competition, sluggish economic growth and regulatory crackdowns.
The Hong Kong e-commerce giant was down 8% in early morning trade.
Alibaba said they will create 2 new units to house its core e-commerce business namely international digital commerce and Chinese digital commerce in an effort to be more agile and accelerate growth.
To date, its international digital commerce unit houses consumer -facing businesses and overseas wholesalers including AliExpress, Alibaba.com and Lazada.
The unit will be led by Jiang Fan who previously held the role of president of Taobao and Tmall.
Meanwhile, the domestic business for China's digital commerce unit will be led by Trudy Dai who is one of the founders of Alibaba.
Meanwhile, Alibaba's deputy chief financial officer, Toby Xu, will be appointed chief financial officer to replace Maggie Wu starting April and described the appointment as part of the company's leadership succession plan.
Xu joined Alibaba from PWC 3 years ago and was appointed deputy CFP in July 2019 and Wu who has led 3 public listings of Alibaba -linked companies as CFO will continue to serve as executive director on Alibaba’s board.
Last month, the company reduced its forecast for annual revenue growth to the slowest rate since the emergence of its stock market in 2014. It also saw sales of its annual event, the ‘Singles Day’ online shopping festival, grow at the slowest rate ever.
